Currency regulation and control of foreign economic activity. Currency regulation of foreign economic activity of Russia The system of currency control in the implementation of foreign economic activity

The currency regulation system is a regulation of the regime for the implementation of foreign exchange transactions, international settlements, the definition general principles currency regulation, the powers of state bodies and the functions of banks and other financial institutions in the regulation of foreign exchange transactions, the rights and obligations of entities currency relations, order of implementation currency control, liability for violation of currency legislation.

Currency regulation carried out at the interstate, regional and national levels.

The need for currency regulation at the interstate and regional levels is due to the process of integration and transnationalization, the development of international economic relations, the formation of the world economic division of labor. Interstate and regional currency regulation is focused on coordinating the monetary and financial policies of individual states and economic integration associations, on developing common measures to overcome them. currency crises, joint approaches to the development of monetary policy. Coordinated interstate and regional currency regulation reduces the degree of autonomy of the national economic policy and increase the interdependence of the monetary spheres of activity of various national economies.

Currency regulation on national level takes into account the requirements of the IMF and regional associations which includes individual states. Its strategy and tactics are fixed in legal and methodological documents.

The systems of national currency regulation, as a rule, determine the subjects of currency regulation, the procedure for carrying out transactions with currency values, the status of the currency and the exchange exchange rate, powers of state bodies and functions banking system in the field of currency regulation and currency control.

All subjects of currency regulation divided into residents and non-residents.

To residents relate individuals who have a permanent place of residence on the territory of Ukraine; legal entities, business entities that do not have the status of a legal entity (branch, representative office), located on the territory of Ukraine; diplomatic, consular, trade and other official representations of Ukraine abroad that have immunity and diplomatic privileges, as well as branches and representative offices of enterprises and organizations of Ukraine abroad that do not carry out entrepreneurial activities.

Non-residents individuals who have a permanent place of residence outside Ukraine are considered; legal entities, business entities that do not have the status of a legal entity (branch, representative office), located outside of Ukraine; foreign diplomatic, consular, trade and other official representations located on the territory of Ukraine, international organizations and their affiliates enjoying immunity and diplomatic privileges.

Participants of currency regulation are the National Bank of Ukraine, "authorized bank" (any commercial Bank licensed by the NBU to carry out foreign exchange operations, and also exercises foreign exchange control over the operations of its clients), various financial institutions that have received a license from the NBU for the right to conduct foreign exchange operations, legal entities that have entered into agency agreements to open foreign currency exchange offices, financial institutions - non-residents who have received individual NBU licenses for the right to conduct operations on foreign exchange market Ukraine.

Residents and non-residents have the right to be owners currency values, located on the territory of Ukraine, to carry out currency operations subject to the restrictions established by applicable law. Residents also have the right to be owners of currency values ​​located outside of Ukraine.

Currency values ​​include the currency of Ukraine, foreign currency, payment documents and other securities denominated in foreign currency or banking metals; banking metals.

Subjects of currency regulation carry out various currency operations buying and selling and lending foreign exchange.

Currency transactions in the territory of Ukraine are transactions related to the transfer of ownership of currency values; the use of currency values ​​in international circulation as a means of payment, with the transfer of debt and other obligations, the subject of which are currency values; import, transfer and transfer to the territory of Ukraine or beyond its limits of currency values.

For currency transactions, foreign exchange (exchange) rates of foreign currencies expressed in the currency of Ukraine, exchange rates of currency values ​​in foreign currencies, as well as in settlement (clearing) units are used. These rates are set by the NBU.

The functioning of international commodity-money relations is subject to free exchange national currency on the currency of other countries, free circulation of money outside the country. Thus, effective inclusion in international economic relations is possible only on the basis of a convertible currency.

Convertibility of the national currency - this is an opportunity for participants in foreign economic transactions to legally exchange it for foreign currencies and vice versa without direct state intervention in the exchange process.

The degree of convertibility is inversely proportional to the volume and severity of foreign exchange restrictions practiced in the country.

Restrictions should be understood as any actions of official authorities that directly lead to a narrowing of opportunities, an increase in costs or the appearance of unjustified delays in the implementation of foreign exchange and payments under international agreements.

Currency convertibility, in terms of relation to the currency of residents and non-residents, is divided into internal and external. At internal convertibility residents have the right to buy, own and carry out transactions within the country with currency, bank deposits which are denominated in foreign currencies. At external convertibility residents have the right to carry out transactions with foreign currency with non-residents.

When conducting foreign exchange transactions, Ukrainian enterprises and organizations are guided by the Classifier of Foreign Currencies in circulation, is a legal tender on the territory of the relevant foreign state and can be used in the implementation of trade and non-trade payments by business entities and banks of Ukraine. All currencies in the Classifier are divided into three groups:

Group 1 - freely convertible currencies that are widely used to make payments on international operations and are traded on the major foreign exchange markets of the world. They can be exchanged without restrictions for other types of currencies, and their rates are quoted by the NBU.

Group 2 - freely convertible currencies that are not widely used to make payments on international transactions and are not sold on the main foreign exchange markets of the world (partially convertible currencies). These currencies are exchanged for other currencies with certain restrictions, and their cross rates are determined by the NBU.

Group 3 - non-convertible currencies. They are not exchanged for other currencies, and their rates are not determined by the NBU.

Currency transactions are carried out on the basis of individual and general licenses, issued by the NBU.

General licenses issued commercial banks and other financial institutions of Ukraine to carry out foreign exchange transactions that do not require an individual license, for the entire period of the currency regulation regime.

If a general license is issued for operations related to foreign currency trading, then business entities have the right to open foreign currency exchange offices, including on the basis of agency agreements with other resident legal entities.

Individual licenses are issued to residents and non-residents for the implementation of a one-time currency transaction for the period necessary for its implementation. An individual license is required for such operations as export, transfer and transfer of currency values ​​outside Ukraine; export, transfer, transfer to Ukraine of the currency of Ukraine, except for cases; provision and receipt by residents of loans in foreign currency, if the terms and amounts of such loans exceed the limits established by law; use of foreign currency on the territory of Ukraine as a means of payment or collateral; placement of currency values ​​on accounts and deposits outside Ukraine; investment abroad.

The procedure and terms for issuing licenses, the list of documents required for obtaining licenses, as well as the grounds for refusing to issue licenses are determined by the NBU.

Currency regulation in Russian Federation is carried out in accordance with Federal Law No. 173-FZ "On currency regulation and currency control".

The purpose of currency regulation is to use a set of measures to manage internal currency flows and external payments and transfers to influence the country's foreign exchange market and its economy as a whole.

Currency regulation consists in establishing:

1) the procedure for performing currency transactions in the territory of the country;

2) the procedure for import and export of Russian and foreign currency;

3) the rights and obligations of legal entities and individuals in relation to the possession, use and disposal of currency values;

4) liability for violation of currency legislation;

5) powers and functions of bodies and agents of currency control.

The purpose of currency control is to determine the compliance of ongoing foreign exchange transactions with current legislation, to verify the validity of payments in foreign currency.

The bodies of currency control in the Russian Federation are the Bank of Russia and the Government of the Russian Federation. The authorized banks are the currency control agents. Authorized banks - credit organizations who have the right, on the basis of licenses from the Bank of Russia, to carry out Bank operations with funds in foreign currency, as well as branches of foreign credit institutions operating in the territory of the Russian Federation in accordance with licenses from the Bank of Russia.

The subjects of currency relations and currency control are residents and non-residents.

Residents:

1) individuals who are citizens of the Russian Federation, with the exception of citizens of the Russian Federation who are recognized as permanent residents in a foreign state in accordance with the legislation of that state;

2) permanently residing in the Russian Federation on the basis of a residence permit Foreign citizens and stateless persons;

3) legal entities established in accordance with the legislation of the Russian Federation;

4) branches, representative offices and other subdivisions of residents located outside the Russian Federation;

5) diplomatic missions, consular offices of the Russian Federation and other official representative offices of the Russian Federation located outside the territory of the Russian Federation;

6) Russian Federation, subjects of the Russian Federation, municipalities.

Non-residents:

1) individuals who are not residents;

2) legal entities established in accordance with the law foreign states and located outside the territory of the Russian Federation;

3) organizations that are not legal entities, created in accordance with the legislation of foreign states and located outside the territory of the Russian Federation;

4) diplomatic missions accredited in the Russian Federation, consular offices of foreign states;

5) interstate and intergovernmental organizations, their branches and representative offices in the Russian Federation;

6) branches located in the territory of the Russian Federation, permanent representative offices and other separate divisions non-residents;

7) other persons.

The federal law "On currency regulation and currency control" defines the basic concepts of foreign economic activity:

RF CURRENCY:

a) banknotes in the form of banknotes and coins of the Bank of Russia that are in circulation as a legal tender in cash on the territory of the Russian Federation, as well as the said banknotes withdrawn or withdrawn from circulation, but subject to exchange;

b) funds for bank accounts And bank deposits.

FOREIGN CURRENCY:

a) banknotes in the form of banknotes, treasury bills, coins that are in circulation and are legal remedy cash payment on the territory of the relevant foreign state (group of foreign states), as well as the indicated banknotes withdrawn or withdrawn from circulation, but subject to exchange;

b) funds in bank accounts and bank deposits in monetary units foreign states and international monetary or accounting units.

INTERNAL SECURITIES:

a) emissive securities, the value of which is indicated in the currency of the Russian Federation and the issue of which is registered in the Russian Federation;

b) other securities certifying the right to receive the currency of the Russian Federation, issued in the territory of the Russian Federation.

EXTERNAL SECURITIES - securities, including non-documentary ones, not related to internal securities.

CURRENCY VALUES:

a) foreign currency;

b) external securities.

Also, the Law on Currency Regulation and Currency Control discloses the concept of currency transactions that are subject to currency control.

CURRENCY OPERATIONS:

In connection with the liberalization of foreign economic activity in the Russian Federation, most of the restrictions on the implementation of foreign exchange transactions have now been lifted. In particular, the following currency transactions are freely carried out:

Currency transactions with funds credited to accounts opened by residents in banks of the Russian Federation and outside the territory of the Russian Federation;

Transfer to their accounts opened in banks outside the territory of the Russian Federation, funds from their accounts opened in banks outside the territory of the Russian Federation;

Crediting the amounts of loans and borrowings in foreign currency received under loan agreements with non-resident organizations;

Import into the Russian Federation of foreign currency and (or) the currency of the Russian Federation, as well as traveler's checks, external and (or) internal valuable papers in documentary form;

Other foreign trade operations between residents and non-residents.

Foreign exchange operations of individuals are regulated in a special way.

The basic document for currency control during export, import or foreign trade barter transaction is the transaction passport, which is issued by a resident in an authorized bank for each contract and contains basic information about a foreign economic transaction. The rules for issuing a transaction passport are established by Bank of Russia Instruction No. 117-I dated June 15, 2004 “On the procedure for residents and non-residents to submit documents and information to authorized banks when performing foreign exchange transactions”. One copy of the transaction passport is returned to the resident, the second one serves as the basis for the formation by the authorized bank of a dossier for each transaction passport. After issuing the transaction passport, the resident makes registration in customs authorities, attaching a copy of it to the cargo customs declaration.

Currency regulation of foreign economic activity is carried out in accordance with the Law of the Russian Federation of October 9, 1992 "On currency regulation and currency control" (with amendments and additions).

The named Law defines the status of subjects of currency legal relations and divides them into two groups: residents and non-residents. The law defines the legal regime of objects of currency legal relations, which are understood as the currency of the Russian Federation, securities in the currency of the Russian Federation, foreign currency and currency values. Much attention is paid by the legislation to the procedure for the implementation of foreign exchange transactions, which are:

• transactions related to the transfer of ownership and other rights to currency values, including transactions related to the use of foreign currency as a means of payment and payment documents in foreign currency;
• import and transfer to the Russian Federation, as well as export and transfer from the Russian Federation of currency values;
• implementation of international money transfers;
• settlements between residents and non-residents in the currency of the Russian Federation. Operations with foreign currency and securities in foreign currency are divided into operations related to the movement of capital and current.

Foreign exchange transactions related to the movement of capital, in particular, include direct investments, portfolio investment, transfers in payment for the ownership of buildings, structures and other property, including land and its subsoil, attributable under the laws of the country of its location to real estate, as well as other rights to real estate; granting and receiving a deferred payment for a period of more than 90 days for the export and import of goods, works and services; providing and receiving financial loans for a period of more than 180 days. The performance of current foreign exchange transactions is associated with the transfer of foreign currency to and from Russia for settlements without deferred payment for the export and import of goods, as well as for settlements related to crediting export-import operations for a period not exceeding 90 days; with the receipt and provision of financial loans for a period not exceeding 180 days, etc.

The legislation defines the specifics of the procedure for the implementation of foreign exchange transactions in the Russian Federation by residents and non-residents. In particular, residents have the right to carry out current currency transactions without restrictions, and currency transactions related to the movement of capital, in the manner established by the Central Bank of the Russian Federation; the right to transfer, import and send currency values ​​to the Russian Federation without restrictions, subject to customs regulations; the obligation to credit all foreign currency to accounts with authorized banks (i.e. banks that have received licenses from the Central Bank of the Russian Federation for foreign exchange transactions); the obligation to sell 50 percent of foreign exchange earnings from exports through authorized banks at the market rate of foreign currencies to the currency of the Russian Federation in the domestic foreign exchange market of Russia no later than seven calendar days from the date of receipt of the proceeds.

Currency control is carried out by currency control bodies (the Government of the Russian Federation, the Central Bank of the Russian Federation, the State Customs Committee, the Ministry of Finance of the Russian Federation, the Ministry of the Russian Federation for Taxes and Duties) and currency control agents (authorized banks, etc.)

Currency regulation over the past ten years has undergone radical changes caused by the abolition of the state currency monopoly. The state currency monopoly was the main aspect throughout the existence of the USSR. It meant that the country was the sole owner of foreign currency, which was based in the center and distributed according to the currency plan. Only the state could make transactions with currency values ​​and manage the gold and foreign exchange resources of the country.

The abolition of the state monopoly on foreign trade, the liberalization of foreign trade activities has led to the fact that the country has increased the number of legal entities and individuals who were forced to regularly deal with currency legislation. Therefore, the creation of an internal currency Russian market gave the monetary and legal settlement a stable character. Legal currency regulation is carried out at two levels: individual and regulatory. currencies is the development and approval of legal norms, taking into account public ones. As for the individual legal settlement, it is nothing more than the application of legal norms to each individual case, which entails a change, termination and the emergence of new monetary relations.

The Russian law "On Currency Settlement and Currency Control" defines the basis for the organization and currency regulation in the country, while individual issues related to currency regulation are determined by other legislative acts. The legal norms that are responsible for the procedure for conducting foreign exchange transactions are divided into two main functions: control and regulation. At the same time, the regulatory function of the legislation determines the rights and obligations of persons who participate in the commission of foreign exchange transactions.

This means:

Operations that determine the transfer of ownership of currency values;

Transfer, import and export from Russia of currency values;

International Money transfers.

The main purpose of currency control is to ensure currency legislation during

The most common today are foreign trade relations, while currency regulation provides:

Protection of economic sovereignty;

Growth promotion national economy;

Security economic security;

Ensuring effective integration of the Russian economy into the world economy.

Currency regulation of foreign economic activity is one of the most important objects of currency regulation. At the same time, currency settlements of residents are made through special banks. Depending on their purpose, currency accounts can be of three types. The resident's foreign exchange earnings are credited to the transit account when exporting, foreign currency funds are credited to the special account when importing, and the current account receives cash general purpose. Each of these accounts has its own currency regime, that is, there are certain rules that allow the Central Bank to carry out currency regulation. At the same time, foreign currency accounts of non-residents can be both in foreign and domestic banks, this fact does not change anything. Settlements with non-residents can be made through their ruble accounts, guided by the modes of convertible and non-convertible types of accounts.

Currency regulation in Russia is a powerful mechanism that allows you to bring the country's economy to a new level and, as a result, improve the well-being of Russian citizens.

Foreign economic activity: a training course Makhovikova Galina Afanasyevna

2.7. Monetary and credit regulation of foreign economic activity

The increased role of credit in foreign economic activity in modern conditions due to the following reasons:

Growth in the share of science and technology-intensive goods and services in world exports, requiring large financial resources and a relatively long time for the implementation of calculations;

A large selection of goods offered on the world market, which gives advantages to buyers: there is a certain competition for their receipt, including through lending;

An increase in the number of those potential buyers who do not have sufficient foreign exchange resources and with whom trade relations can be maintained only through loans.

Any exporter (seller) tries to get a full settlement as soon as possible (after shipment of goods) in order to maintain its liquidity for sufficient high level. For the same reason, the importer (buyer) tries to purchase goods on credit (with payment after its sale). Thus, credit becomes an organic component of international economic relations.

In modern conditions, the scale of lending to foreign economic activity in Russia has increased significantly, and the forms of granting loans have greatly expanded. The set of classification features of types of loans is very wide, but not all of them are equally important in terms of financing Russia's foreign economic activity. Of the total number of types of loans, the following are of particular importance: state, bank, company loans (classification by sources of credit funds) and short- and medium-term loans (classification by terms of provision). In the first group, mixed loans and loans from international organizations are also distinguished.

State, bank and corporate loans are usually considered commodity loans, that is, they serve to secure trade deal for the purpose of buying (selling) specific goods. Although these types of loans can be provided by both importers and exporters, the latter are predominant. This is largely due to the peculiarities of the structure of exports (for example, a high share of durable goods or investment goods in exports requires additional sources of financing, because the sale of these goods takes more time) and with an increasing share in international trade of underdeveloped countries that do not have sufficient own foreign exchange resources. .

An important role in foreign economic settlements is played by the timing and procedure for securing payments. There are full and average terms of crediting. The full term covers the time from the beginning of the provision to the final time of repayment of the loan and includes:

grace period - the time between the end of use and the beginning of repayment of the loan;

term of use - the period during which the goods are paid for on account of the loan (in case of bank lending), or the time including the delivery time of the goods or acceptance (debt recognition) by the buyer of the exporter's bills (in case of corporate lending);

maturity.

The average loan term is, first of all, a calculated value: it shows how long the importer used the entire loan amount.

Foreign trade credits almost never cover the entire cost of the exported goods. A certain part of it is paid by the buyer in cash (upon receipt of shipping documents) and by means of advance payments. advance are called payments of the buyer (importer) before the transfer of the goods at his disposal. They usually serve as a guarantee of the fulfillment of their obligations by the importer and are practically mandatory when trading investment goods, as well as when concluding medium- and long-term transactions. The following dependence operates in international trade: the higher the share of advance and cash payments and the shorter the delivery time, the more “compliant” the exporter is in relation to the price of the goods.

commercial loan can be provided in two directions: 1) by the exporter - to the importer - in the form of an installment payment for the sold goods; 2) by the importer - exporter - in the form of purchase advances or advances in the form of a deposit. Strictly speaking, only those financed by own funds firms. But quite often in the line of commercial lending are attracted and borrowed funds. This blurs the boundaries between different forms of lending (in this case, between commercial and bank lending), especially when it comes to medium and long-term loans.

In corporate lending, various combinations of advance cash and credit payments are used, depending on the nature of the transaction, the object of settlement, and the solvency of buyers. For Russian importing firms, a very high proportion of advance cash payments (prepayment) has become almost a standard rule for concluding transactions.

Corporate loans are issued in the form debt obligation, which has two forms: a bill of exchange loan and an open account loan.

Promissory note credit usually issued by the exporter in the name of the importer.

Open account credit practiced between partners who know each other well, when deliveries are made fairly regularly, and debts are repaid periodically.

Bank lending- the most common form of lending to foreign economic activity, although both state and corporate lending to some extent include banking criteria.

There are three types to be distinguished bank lending FEA:

1) purchase by banks of credit obligations (bills, bank guarantees) from exporters. This type of loan is a form of refinancing corporate loans, and the mechanism for its implementation involves factoring and forfeiting;

2) an extract by the importer (or his bank) of promissory notes directly addressed to the creditor. Banks in this case provide credit directly to the importer;

3) acceptance by banks of bills of exchange (drafts) issued on them by exporters or importers. Usually, accepting banks in this case do not provide a loan, but attract temporarily free funds from participants in national currency (or money) markets for this.

Bank financing is largely based on the issuance and accounting of bills of exchange, as well as on various kinds of guarantees.

Factoring And forfaiting are relatively new, non-traditional forms of foreign trade lending. At the same time, they can also be considered as a means of converting (or refinancing) a corporate (commercial) loan into a bank one. Factoring is usually used when exporting goods of mass production and demand, with payment by installments from 1 to 6 months (short-term credit), and forfaiting is considered medium- (from 6 months) or long-term (up to 5 years) crediting of export operations. This form of credit is most often used in the trade of investment goods, construction, installation and equipment of facilities abroad. Factoring involves multiple export operations, and forfaiting is a one-time operation (albeit for a large amount).

Factoring in Russia is used in the following two forms: 1) redemption of debt by a bank according to a solvent document accepted (by the payer), when the supplier has received a notice of lack of funds; 2) redemption of debt at the stage of submission of payment documents for collection to the supplier's bank. In the latter case, the supplier, as the recipient of funds, indicates in advance in the payment documents the details of the bank providing factoring services.

With factoring, the exporter is completely exempt from processing foreign trade documentation, currency problems, receiving export earnings (debt collection). All this is assumed by the bank, as well as all types of risk associated with this foreign trade operation.

The state retains the function of control, regulation and supervision over the most important currency transactions of participants in foreign economic activity. Significant attention is paid to the issues of improving currency control, the main purpose of which is to ensure compliance with currency legislation in the implementation of all types of currency transactions.

From the point of view of currency regulation, the procedure for conducting foreign exchange transactions in domestic circulation and in international settlements is important. In the Russian Federation, this procedure is determined by the provisions adopted central bank Russia as the main body of currency regulation. Direct currency transactions are carried out by authorized banks, i.e. banks and other credit institutions licensed by the Central Bank of Russia.

For determining legal regime activity of subjects of currency regulation, operations with foreign currency and securities are divided into current currency operations and operations related to the movement of capital, and the latter require special permission from the Central Bank.

Current foreign exchange transactions include mainly transfers to and from the Russian Federation of foreign currency for settlements without deferred payment for the export and import of goods, works, services, as well as for settlements related to crediting export-import operations for a period not exceeding 180 days; obtaining and granting financial loans for a period not exceeding 180 days; transfers to and from the Russian Federation of interest, dividends and other income and other transactions related to the movement of capital; non-commercial transfers to and from the Russian Federation.

Currency transactions related to the movement of capital include direct and portfolio investments, granting and receiving a deferred payment for a period of more than 180 days for the export and import of goods, services and works; provision and receipt of financial loans for a period of more than 180 days, other foreign exchange transactions that are not current foreign exchange transactions.

The subjects of currency relations are residents and non-residents. Residents include legal entities, other enterprises and organizations established in accordance with Russian legislation located in Russia and their branches and representative offices abroad; individuals permanently residing in Russia.

Foreign exchange transactions of residents of the Russian Federation include current foreign exchange transactions, which are carried out by residents without restrictions, and foreign exchange transactions related to the movement of capital, which are carried out by residents in the manner established by the Bank of Russia.

Both residents and non-residents carry out export and import operations in the foreign exchange market. Moreover, if the source of demand for foreign currency is export, then the source of its receipt is import.